SXX Sirius Minerals Plc

TIDMSXX

RNS Number : 0856N

Sirius Minerals Plc

27 January 2016

27 January 2016

Sirius Minerals Plc

DFS update

The Directors of Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY) ("Sirius" or the "Company") provide an update on the Definitive Feasibility Study ("DFS") timing for its York Potash Project (the "Project"). The Company had previously planned to announce the material findings of the DFS in January 2016, but now plans to do this before the end of March 2016.

The completion of a DFS for such a large scale project is a very detailed process and there is a large amount of complex information from various suppliers, consultants and engineering firms that needs to be compiled, reviewed and then integrated into the final DFS. While this process is time consuming, it is vitally important for a project with an expected life of over 100 years that it is robust.

In addition to the finalisation of the DFS the Company is moving towards the selection of preferred tenderers for the three initial critical path components for project implementation, being site preparation, mine shafts and the mineral transport system. Tender information is being used in the completion of the DFS and is providing important and current contractor inputs into its finalisation.

The Company is confident that the final DFS will define a world class project that will be best in class in many aspects. Based on the final DFS the Company is confident that it will execute a financing strategy that will bring the Project into production and deliver significant value to shareholders.

Chris Fraser, Managing Director and CEO of Sirius, comments:

"We are continuing to build a very robust business that will be capable of strong returns throughout the many cycles it will experience over its +100 year life. We thank our shareholders for their patience as we finalise the DFS and look forward to announcing its findings in due course."

For further information, please contact:

 
 Sirius Minerals Plc 
  Investor Relations          Email: ir@siriusminerals.com     Tel: +44 845 
                                                                   524 0247 
-------------------------  -------------------------------  --------------- 
 Joint Brokers 
  Liberum Capital Limited     Neil Elliot,                      Tel: +44 20 
  (NOMAD)                     Clayton Bush,                       3100 2222 
                              Jill Li 
 J.P. Morgan Cazenove       Ben Davies, Jamie                   Tel: +44 20 
                             Riddell                              7742 4000 
 WH Ireland                 Adrian Hadden                       Tel: +44 20 
                                                                  7220 1666 
-------------------------  -------------------------------  --------------- 
 Media Enquiries            Jos Simson, Mike                    Tel: +44 20 
  Tavistock                  Bartlett,                            7920 3150 
                             Emily Fenton 
-------------------------  -------------------------------  --------------- 
 

About Sirius Minerals Plc

Sirius Minerals is the fertilizer development company focused on the development of the York Potash Project in the United Kingdom, which has the world's largest and highest grade deposit of polyhalite, a multi-nutrient form of potash containing potassium, sulphur, magnesium and calcium. Incorporated in 2003, Sirius Minerals' shares are traded on the London Stock Exchange's AIM market. Its shares are also traded in the United States on the OTCQX through a sponsored ADR facility. Further information on the Company can be found at: www.siriusminerals.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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